Uzbekistan Eases Penalties for Overdue Export Receivables
Tashkent, Uzbekistan (UzDaily.uz) — Uzbek President Shavkat Mirziyoyev has signed a decree introducing a temporary mechanism for businesses to settle overdue receivables arising from foreign trade operations, according to UzDaily.uz.
The document notes that the outstanding debts facing commercial entities stem from global market instability, external payment and banking transfer restrictions, and delayed performance by certain foreign counterparties.
Under the decree, a one-off nationwide initiative will run until 1 January 2027, allowing private enterprises to settle overdue receivables using their own funds in cases where the repatriation of assets from export operations was not completed within statutory deadlines. The initiative applies to debts formed prior to the decree's entry into force following the actual export of goods, work, or services for which payment was not received on time and which are recorded as overdue in the "E-kontrakt" foreign trade information system.
The scheme excludes legal entities in which the state holds a stake of 50 percent or more, as well as organizations in which such state-owned entities hold a 50 percent or greater share.
Under the temporary rules, enterprises are permitted to clear overdue balances by depositing cash foreign currency directly into their commercial bank accounts through bank tellers without presenting passenger customs declarations or powers of attorney. Upon receipt of the funds, the overdue balance recorded in "E-kontrakt" will be automatically reduced, and uncollected fines for failure to ensure asset repatriation will be written off proportionally to the deposited sum. Deposited funds will not be recognized as export revenue and will not qualify for a zero-rate value-added tax treatment.
The decree also mitigates liability for good-faith measures taken to secure asset repatriation. Beginning 1 January 2027, courts will reduce fines for failing to repatriate assets by 50 percent if at least one qualifying condition is met: if the resident entity took all available measures to protect its rights, including filing court or arbitration claims; if more than 50 percent of the assets were repatriated; or if repatriation was limited by international sanctions, foreign exchange prohibitions, or banking and payment system disruptions in the counterparty's country, excluding force majeure cases. This reduction similarly excludes entities with a state share of 50 percent or more.
The Supreme Court has been instructed to draft amendments to the Law on Currency Regulation within one month. The Business Ombudsman and the Chamber of Commerce and Industry are required to approve an explanatory campaign plan within one week alongside commercial banks, the Customs and Tax Committees, the Council of Ministers of Karakalpakstan, and regional and Tashkent municipal administrations. The Tax Committee, together with the Customs Committee and the Central Bank, will submit monthly progress reports to the Presidential Administration, with a final report due by 1 February 2027.
